The Smiley Family Trust (a family trust election having been made by the trustee) was created by George some years ago for investment purposes. The Trust Deed provides that all the trust's income may be either retained by the trustee or distributed to the beneficiaries. In the year 2016/17 the trust derived trust net income of $68,000. The trustee used his discretion to distribute the following cash amounts to the stated beneficiaries: The trustee also applied some of the remaining net income as follows: $5,000 was set aside to pay for any future veterinary care of the two horses "Hammer" and "Tongs" which had belonged to George's father, now deceased. $5,000 was paid for Scott's university fees, books and a new lap-top computer. $1, 500 was set aside to help pay for Mathew's parents pay for his day care if they decide upon this course of action when he reaches 3 years of age. $500 was used to pay James' speeding fines. Required: Showing all workings: 1. list any amounts for which there is no present entitlement as at 30 June 2017; 2. determine the balance retained by the trustee as at 30 June 2017; and 3. calculate the tax payable by the trustee for the year ended 30 June 2017